Dear Chairman Crapo, Ranking Member Brown, Senator Tillis and Senator Smith:
I write to express our strong support for your combined efforts to reauthorize the Terrorism Risk Insurance Program (TRIPRA). Since the program’s inception in 2002, the American Bankers Association has supported the program’s continuous reauthorization as the best method for ensuring the availability of commercial insurance policies in U.S. markets.
In the wake of the September 2001 terrorist attacks, when reinsurers and primary insurers abandoned the terrorism risk insurance marketplace, TRIPRA has stabilized those markets, allowed commercial building owners to secure affordable and comprehensive insurance coverage and is one of the reasons the economy has avoided a commercial credit availability crisis.
Under the leadership of its Chair, Representative Maxine Waters, and Ranking Member, Representative Patrick McHenry, the House Financial Services Committee passed H.R. 4634, unanimously, on October 31.
With such strong bipartisan support, we encourage you to introduce your bill and hasten its deliberation both in the Banking Committee and by the Senate. We look forward to providing any assistance we can in this endeavor.
Sincerely,
J. Kevin A. McKechniw